The 'Due Date' for filing income tax return for an individual not subject to audit is generally: MCQ with Answer and Explanation

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The 'Due Date' for filing income tax return for an individual not subject to audit is generally:

A. 31st March

B. 30th September

C. 31st December

D. 31st July of assessment year

Answer: Option D

Solution (By JKSSB Mock Tests)

For non-audit cases, the due date is 31st July of the assessment year.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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The process of critically reviewing a company's budget to justify every cost as if the activity is being undertaken for the first time is called:

A. Zero-Based Budgeting

B. Flexible Budgeting

C. Master Budgeting

D. Performance Budgeting

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Correct Answer: Option A

Explanation:
Zero-Based Budgeting mandates that no budget base is carried forward automatically; everything must be justified from ground zero.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

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In standard costing, an 'Adverse Variance' occurs when:

A. Actual profit is greater than budgeted profit

B. Actual cost is greater than standard cost

C. Actual cost is less than standard cost

D. Standard quantity equals actual quantity

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Correct Answer: Option B

Explanation:
When the actual expenses exceed the predetermined standard cost, it negatively impacts profits, termed an adverse/unfavorable variance.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

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The 'Tax Information Network' (TIN) in India is managed by:

A. NSDL

B. GSTN

C. CBDT

D. RBI

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Correct Answer: Option A

Explanation:
TIN was established by NSDL for collection, processing, and monitoring of TDS.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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